Hotel Market Competition
Knowing Market Competition Is Critical For Any Hotel Owner
A hotel market competition document is a powerful way for businesses to determine several key metrics to their business.
Here's a list of questions your competition analysis should aim to answer:
- What is the average occupancy in a given region? Obviously, a high occupancy rate may indicate a market ripe for exploitation.
- Who is our competition? Once you've determined room rates, and found a good market, it's time to analyze your hotel competition.
- What are the current trends? You should uncover whether visitors are up, down, or sideways. It is also important to note any industry wide trends as well.
- Are people trending towards hotels with business centers?
- Are your competitors keeping up with current trends? Check with the American Hotel and Motel Association, or subscribe to hotel travel periodicals to stay on top of the game.
Once you have these questions laid our in front of you, proceed to research the hotel market. In order to obtain the most objective data, stick with accredited institutions. Many colleges have databases chock full of this information. You want to know the population of the surrounding area, any points of interest for business (e.g. hotels by airport, near largest businesses, etc.) and leisure (restaurants, gyms, libraries, cinemas, etc.) and the how the competition sizes up.
Hotel market competition is a long, ardrous process, but if undertaken with care and insight, can dramatically affect your bottom line. Analyze the market, analyze the competition, find a successful point of entry and dominate.
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